Time to value (TTV) measures the length of time necessary to finish a project and realize that project/solution's benefits. This type of measurement not only helps decision-makers evaluate the proposed project or system against the investment cost in time and money, but it also provides a highly effective way to identify what success means.
Traditionally Time To Value (TTV) most commonly refers to the onboarding of technology platforms. As technology accelerates our ability to access more information and each other, using Time to Value as a critical metric becomes more and more valuable across any organization or project. Technology companies work to shorten Time To Value when onboarding a customer. Why? Shortening your time to value means your customers get a return on the time, money, or effort they invested faster, so they most likely stick with that technology than move elsewhere.
Companies that start measuring in Time To Value across every aspect of their business will identify chokepoints of productivity, identify areas that should be automated or outsourced, and most importantly, create a healthier longer-term relationship with clients.
How do you shorten the Time to Value (TTV)?
- Recognize clients' focus by listening actively and asking open-ended questions.
- Frame what is necessary for success, such as implementing an HTML snippet code or requesting financial documents using impact statements. Without X, we will be unable to do Y resulting in Z.
- Don't say, "All that is left is for you to install the script, and you can begin using elements."
- Instead, say, "Once you install this single piece of script, we can immediately start deploying elements that will significantly increase the amount of revenue you receive
- Even though everyone is speaking the same language, that doesn't mean they communicate best the same way.
- Understand your stakeholders and provide supporting documentation and analysis in a language they will understand with ease.
- Although Developers are quick to understand a spreadsheet or Gant Chart, executives relate to high-level slide decks.
- Choose the medium of communication carefully. (Pro Tip: Ask stakeholders for feedback to optimize understanding)
- Break down any long-range goals into milestones you can hit to gather momentum and build excitement.
- Commit to being an unofficial Project Manager regardless of your title. Approach everything you do as a project where you have to garner buy-in, meet goals, and define success from the start.
- Transparency of progress must be a priority in today's hybrid workforce world. It's easy to fall into updates that become siloed.
- Deploying tools like Trello, Smartsheet, Asana, and Slack can work across organizations to provide transparency in real-time.
- Set Agendas for every meeting and send supporting documents for the meeting ahead of time. If you find that stakeholders have not taken the time to review the records during the meeting, reschedule the appointment. Time is the most valuable commodity for any team.
Moores Law states that the number of transistors on a microchip doubles every two years, reducing costs and improving speed and efficiency every two years. If the Time To Value in your organization is not following this trend, you have a huge problem.
Interested in learning more about Time To Value (TTV) specifically for Technology Companies? Visit the whatfix blog by clicking here. https://whatfix.com/blog/decrease-time-to-value-customer-onboarding/
Non Profit & For Profit Business Technology Transformation Champion
CRETech Thought Leader, Founder & Brokerage Owner
Article also available on LinkedIn : https://www.linkedin.com/pulse/13-steps-thrive-todays-exponential-age-capitalizing-time-senie/?trackingId=9iQ6YvViS4aDh%2FjhauNVbQ%3D%3D